MIRA INFORM REPORT

Report No. :	496776
Report Date :	14.03.2018

IDENTIFICATION DETAILS

Name :	3D FUTURE TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Floor G-5th, Plot No.6, Ador House, Kakushroo Dubash Marg, Kala Ghoda,Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-61935500
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	19.01.2015
Com. Reg. No.:	11-261114
Capital Investment / Paid-up Capital :	INR 40.000 Million
CIN No.: [Company Identification No.]	U74999MH2015PTC261114
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	27AAACZ8130F1ZC
TIN No:	27305299766
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACZ8130F
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Dental Services. (Registered)
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Maximum Credit Limit :	USD 35000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a wholly subsidiary of “Ador Fontech Limited”, India. It is an established company having a moderate track record. The company possesses moderate operational performance due to continuous losses incurring by the company. Rating is further constrained on account of huge accumulated losses registered, short track record of business operation and modest revenue achieved by the company. However, the rating weakness is partially offset by strong financial and managerial support that company receives from its holding entity backed by its experienced management team. Trade relations are reported as fair. Business is active. Payment terms are seems to be slow but correct. The company can be considered for business dealings with some caution.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 14.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management non-cooperative (Tel No.: 91-22-61935572)

91-9930751542 (Not Reachable)

LOCATIONS

Registered Office :	Floor G-5th, Plot No.6, Ador House, Kakushroo Dubash Marg, Kala Ghoda,Fort, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-61935500
Fax No.:	Not Available
E-Mail :	sadaf.shaikh@flashorthodontics.in hemant.jangam@flashorthodontics.in info@3dfuturetechnologies.com srini@jbadvani.com
Website :	http://www.3dfuturetechnologies.com
Corporate Office:	3rd Floor, Plot No.6, Ador House, Kakushroo Dubash Marg, Kala Ghoda,Fort, Mumbai – 400001, Maharashtra

DIRECTORS

As on 31.03.2017

Name :

Mrs. Ninotchka Malkani Nagpal

Designation :

Director

Address :

292, Tahnee Heights, 66, Nepean Sea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

06/07/1971

Qualification :

MBA

Date of Appointment :

19.01.2015

DIN No:

00031985

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L85110KA1948PLC000545	ADOR MULTI PRODUCTS LIMITED	26/08/2015	-
L31909KA1974PLC020010	ADOR FONTECH LIMITED	20/07/2007	-
U51900MH1925PTC004217	J B ADVANI AND COMPANY PRIVATE LIMITED	01/04/2004	-
L70100MH1951PLC008647	ADOR WELDING LIMITED	07/05/2015	-
U55101MH1968PLC013960	PIEM HOTELS LIMITED	30/06/1998	-
U74999MH2008PTC186104	ADOR GREEN-ENERGY PRIVATE LIMITED	22/08/2008	-
U52602MH2015PTC267517	1908 E-VENTURES PRIVATE LIMITED	18/08/2015	-

Name :

Mr. Harish Phatandas Ledwani

Designation :

Director

Address :

B-302, Adarsh Residency, 8th Block, 47th Cross Near Sangam Circle, Jayanagar, Bangalore- 560082, Karnataka, India

Date of Birth/Age :

29/10/1953

Qualification :

MBA

Date of Appointment :

19.01.2015

DIN No:

00040629

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L31909KA1974PLC020010	ADOR FONTECH LIMITED	23/04/1998	-

Name :

Mr. Ravin Ajit Mirchandani

Designation :

Director

Address :

432, Street 4, Sind Society, Aundh, Pune- 411007, Maharashtra, India

Date of Birth/Age :

13/10/1970

Qualification :

MBA

Date of Appointment :

09.05.2016

DIN No:

00175501

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L70100MH1951PLC008647	ADOR WELDING LIMITED	28/07/2006	-
U51900MH1925PTC004217	J B ADVANI AND COMPANY PRIVATE LIMITED	08/06/2006	-
U31103PN1995PLC084268	ADOR POWERTRON LIMITED	01/02/2014	-
U74999MH2008PTC186104	ADOR GREEN-ENERGY PRIVATE LIMITED	22/08/2008	-
U29130PN2011PTC155950	MACK VALVES INDIA PRIVATE LIMITED	25/09/2017	-
U74900PN2012PTC144148	ADOR WELDING ACADEMY PRIVATE LIMITED	24/05/2016	-
U31908PN2013PTC147707	ADOR DIGATRON PRIVATE LIMITED	11/06/2013	-

Name :

Mr. Aditya Tarachand Malkani

Designation :

Director

Address :

Sans Souci 26 A, B. G. Kher Marg, Malbar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

26/08/1980

Qualification :

B.SC.

Date of Appointment :

19.01.2015

DIN No:

01585637

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L31909KA1974PLC020010	ADOR FONTECH LIMITED	27/04/2012	-
U51900MH1925PTC004217	J B ADVANI AND COMPANY PRIVATE LIMITED	26/07/2007	-
L70100MH1951PLC008647	ADOR WELDING LIMITED	27/07/2007	-
U74999MH2008PTC186104	ADOR GREEN-ENERGY PRIVATE LIMITED	22/08/2008	-
U72300MH2015PTC262317	NAP APPS PRIVATE LIMITED	27/02/2015	-

Name :

Mr. Santosh Janakiram Iyer

Designation :

Director

Address :

43, Floor-9, Plot-687, Hanuman Sharan, Bomanji Petit Road, Parsi Hospital, August Kranti Marg, Mumbai-400036, Maharashtra, India

Date of Birth/Age :

22/08/1978

Qualification :

BA / LLB

Date of Appointment :

02.08.2016

DIN No:

06801226

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L31909KA1974PLC020010	ADOR FONTECH LIMITED	20/08/2014	-
U74999DL2015PTC285315	SOCIALLENDING TECHNOLOGIES AND HOLDINGS PRIVATE LIMITED	15/11/2017	-

KEY EXECUTIVES

Name :	Mr. Harsh Pramod Joshi
Designation :	Company Secretary
Address :	Flat No.7, Building No.9, Ellora Complex No.2 Gupte Road, Vishnunagar, Dombivli, Thane – 421202, Maharashtra, India
Date of Appointment :	03.11.2017
PAN No.:	ASBPJ9742M

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares
Ninotchka Malkani Nagpal	100
Harish Phatandas Ledwani	100
Aditya Tarachand Malkani (Nominee of Ador Fontech Limited, India)	100
Ador Fontech Limited, India	3999700
Total	4000000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Dental Services. (Registered).

Products / Services :

Item Code No.	/Services Description
99931230	Dental services

Dental Aligners and 3D Model Printing

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Not Divulged

Bankers :

Banker Name :	HDFC Bank Limited
Branch :	Fort, Mumbai, Maharashtra, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Working capital loans from Banks	22.368	8.612
Total	22.368	8.612

Note:

The Company has utilised overdraft facility of INR 22.368 Million (Previous Year: INR 8.612 Million) against the drawing power of INR 45.296 Million. The overdraft facility is secured against mutual fund investment of M/s Ador Fontech Limited provided as collateral security by marking lien on mutual fund investments in favor of the bank.

Auditors :
Name :	Sanjay and Snehal Chartered Accountants
Address :	1, Parijat, Mulund Sahakar Vishwa Chs Limited, Hira Nagar, Nahur Road, Mulund (West), Mumbai– 400 080, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABMFS3353B
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Ador Fontech Limited, India (L31909KA1974PLC020010)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	J. B. Advani and Company Limited (U99999MH1918PTC001178) 1908 E-Ventures Private Limited (U52602MH2015PTC267517)

CAPITAL STRUCTURE

After: 30.09.2017

Authorised Capital : INR 100.000 million

Issued, Subscribed & Paid-up Capital : INR 65.000 million

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	INR 10/- each	INR 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	INR 10/- each	INR 40.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.000	20.000	10.000
(b) Reserves and Surplus	(27.750)	(11.413)	(0.743)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	12.250	8.587	9.257
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.577	0.000
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.380	0.000	0.000
Total Non-current Liabilities (3)	0.380	0.577	0.000
(4) Current Liabilities
(a) Short-term borrowings	22.368	8.612	0.000
(b) Trade payables	0.327	0.000	0.000
(c) Other current liabilities	1.290	0.328	0.695
(d) Short-term provisions	0.036	0.000	0.000
Total Current Liabilities (4)	24.021	8.940	0.695
TOTAL	36.651	18.104	9.952
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.997	13.678	0.000
(ii) Intangible Assets	1.510	0.014	0.000
(iii) Tangible assets capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.000	0.000	0.000
(c) Deferred tax assets (net)	11.599	0.000	0.000
(d) Long-term loans and advances	0.345	0.345	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	31.451	14.037	0.000
(2) Current assets
(a) Current investments	2.215	1.560	0.000
(b) Inventories	1.230	0.171	0.000
(c) Trade receivables	0.360	0.000	0.000
(d) Cash and bank balances	0.816	0.728	9.952
(e) Short-term loans and advances	0.549	1.605	0.000
(f) Other current assets	0.030	0.003	0.000
Total Current Assets	5.200	4.067	9.952
TOTAL	36.651	18.104	9.952

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2.385	0.010	0.000
	Other Income	0.922	0.566	0.000
	TOTAL	3.307	0.576	0.000
Less	EXPENSES
	Cost of Materials Consumed	1.704	0.065	0.000
	Purchases of Stock-in-Trade	0.114	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.057)	0.000	0.000
	Employee benefit expense	10.301	4.095	0.000
	Other expenses	13.581	5.964	0.743
	TOTAL	25.643	10.124	0.743
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(22.336)	(9.548)	(0.743)
Less	FINANCIAL EXPENSES	1.239	0.088	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(23.575)	(9.636)	(0.743)
Less	DEPRECIATION/ AMORTISATION	4.937	0.457	0.000
	PROFIT/ (LOSS) BEFORE TAX	(28.512)	(10.093)	(0.743)
Less	TAX	(12.175)	0.577	0.000
	PROFIT/ (LOSS) AFTER TAX	(16.337)	(10.670)	(0.743)
	IMPORTS
	Raw Materials	1.516	0.000	0.000
	Capital Goods	2.597	2.767	0.000
	TOTAL IMPORTS	4.113	2.767	0.000
	Earnings / (Loss) Per Share (INR)	(4.08)	(5.34)	(0.37)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	(21.201)	(12.480)	(0.048)
Net cash flows from (used in) operating activities	(21.188)	(12.480)	(0.048)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	55.09	0.00	0.00
Account Receivables Turnover [Income / Sunday Debtors]	6.63	0.00	0.00
Average Payment Days [Sundry Creditors / Purchases * 365]	65.65	0.00	0.00
Inventory Turnover [Operating Income / Inventories]	(18.16)	(55.84)	0.00
Asset Turnover [Operating Income / Net Fixed Assets]	(1.54)	(0.70)	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets]	0.66	0.49	0.07
Debt Equity Ratio (Borrowings / NetWorth)	1.83	1.00	0.00
Current Liabilities to Networth (Current Liabilities / NetWorth)	1.96	1.04	0.08
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth)	1.18	1.59	0.00
Interest Coverage Ratio [PBIT / Financial Charges]	(18.03)	(108.50)	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	(%)	(684.99)	(106700.00)	0.00
Return on Total Assets [(PAT / Total Assets) * 100]	(%)	(44.57)	(58.94)	(7.47)
Return on Investment (ROI) [(PAT / NetWorth) * 100]	(%)	(133.36)	(124.26)	(8.03)

SOLVENCY RATIO

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio [Current Assets / Current Liabilities]	0.22	0.45	14.30
Quick Ratio [(Current Assets - Inventories) / Current Liabilities]	0.17	0.44	14.32
G-Score Ratio Financial [NetWorth / Total Assets]	0.33	0.47	0.93
G-Score Ratio Debt [Debts / Equity Capital]	0.56	0.43	0.00
G-Score Ratio Liquidity [Total Current Assets / Total Current Liabilities]	0.22	0.45	14.32

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	10.000	20.000	40.000
Reserves & Surplus	(0.743)	(11.413)	(27.750)
Net worth	9.257	8.587	12.250
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	8.612	22.368
Total borrowings	0.000	8.612	22.368
Debt/Equity ratio	0.000	1.003	1.826

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	0.000	0.010	2.385
		0.000	23750.000

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	0.000	0.010	2.385
Profit/ (Loss)	(0.743)	(10.670)	(16.337)
	0.000	(106700.00 %)	(684.99 %)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS

Turnover, comprising Revenue from Operations (Net) and other income, for the year is INR 3.307 Million, 474% higher as compared to INR 0.576 Million in 2016. The Loss after tax for the current year is INR 16.337 Million as against INR 10.670 Million in the previous year.

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS

• Plant and equipment
• Furniture and fixtures
• Office equipment
• Electrical Installations

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 64.99
UK Pound	1	INR 90.83
Euro	1	INR 80.58

INFORMATION DETAILS

Information Gathered by :	SVT
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.